Categories: Bitcoin Latest News

Ethereum Price Gains Strength, Outpaces Bitcoin With An 8% Surge

Ethereum price started a steady increase above the $2,550 resistance. ETH is beating Bitcoin and might even clear the $2,750 resistance zone.

Ethereum started a fresh increase above the $2,550 and $2,650 levels.
The price is trading above $2,650 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend gains if it clears the $2,750 resistance zone.

Ethereum Price Jumps Over 8%

Ethereum price remained stable near the $2,520 support zone. ETH formed a base and started a fresh increase above the $2,600 level. The price gained over 8%, outperformed Bitcoin, and even surpassed the $2,650 resistance zone.

The price spiked above the $2,720 resistance. A high was formed at $2,748 and the price is now consolidating gains. There is also a connecting bullish trend line forming with support at $2,695 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.

Ethereum price is now trading above $2,650 and the 100-hourly Simple Moving Average. If there is another increase, the price might face hurdles near the $2,720 level.

The first major resistance is near the $2,750 level. A close above the $2,750 level might send Ether toward the $2,880 resistance. The next key resistance is near $2,920. An upside break above the $2,920 resistance might send the price higher toward the $3,000 resistance zone in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,750 resistance, it could start a downside correction. Initial support on the downside is near $2,700 and the trend line. The first major support sits near the $2,640 zone and the 50% Fib retracement level of the upward move from the $2,518 swing low to the $2,748 high.

A clear move below the $2,640 support might push the price toward $2,580. Any more losses might send the price toward the $2,520 support level in the near term. The next key support sits at $2,450.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,695

Major Resistance Level – $2,750

[#item_full_content]NewsBTCRead More

Recent Posts

Strategic Bitcoin Reserve Has Precedent in Other Big U.S. Government Purchases: Michael Saylor

Michael Saylor says the US should and will build a reserve of bitcoin and explains…

49 minutes ago

How to Use & Store Bitcoin Safely

Ever since its 2009 development by the mysterious Satoshi Nakamoto, Bitcoin has become foundational to…

49 minutes ago

See How Fast Your Savings and Salary Are Collapsing Against Bitcoin

With the price surging above $90,000, you’re likely all too aware that everything that isn’t…

5 hours ago

ColliderScript: A $50M Bitcoin Covenant With No New Opcodes

While the last year or two have seen a number of proposals for covenant-proposing extensions…

5 hours ago

Bitcoin: The Key to Unlocking the Dream of Homeownership for a Generation Priced Out

Picture this, dear reader: It’s 2016, and for the princely sum of $288,400, you could…

5 hours ago

Buy As Much Bitcoin As You Can Before $100K

Follow Nikolaus On X Here Today, Fox Business’s Eleanor Terrett revealed that the Pennsylvania House…

6 hours ago